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Volume :14 Issue : 2 2007      Add To Cart                                                                    Download

Migrant Workers’ Remittances and Macroeconomic Policy in Jordan

Auther : Mohammed I. El-Sakka

The Migrant Workers' Remittances and Macroeconomic Policy in Jordan study aims at evaluating the impact of macroeconomic policy variables on the inflow of migrant workers' remittances to Jordan . Remittances are found to be the single most important source for foreign exchange in Jordan. They represented 110% of exports, 36.7% of imports, and 19% of GDP on average during the period of the study. This makes Jordan one of the world's most heavily remittance-dependent countries. Understanding the determinants of remittance flows is thus, essential to policy. Results show that there is a significant positive relationship between the level of income in Jordan and remittance inflow. Deviations of exchange rates from their real levels, and interest rate differentials are found to have a significant negative impact on the inflow of remittances. The most interesting result of the study is that emigrants are found to be sensitive to macroeconomic policy failures. Interest rates, exchange rate, monetary and fiscal policies should be carefully designed to attract remittances to official channels in Jordan.

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